В центре сюжета — Кэррингтоны, состоятельная семья, владеющая нефтяным бизнесом, и противостояние богатой наследницы Фэллон Кэррингтон и её мачехи, испанки Кристал.
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Fallon Carrington is charismatic, cunning, and poised to become the new COO of her father Blake's global energy empire - or so she thinks. Along with her brother Steven, Fallon is horrified to learn that they were called home not to announce her promotion - but rather to make the acquaintance of their stepmother-to-be, Cristal. When Blake chooses Cristal over his own daughter, Fallon sidles up to Blake's biggest rival, Jeff Colby, to seek her revenge. Meanwhile, when Cristal's nephew Sammy Jo comes to town, her carefully concealed history could bring her future crashing down - and who knows who else she might take down with her.
When it's discovered that Matthew's "accidental" death may have involved foul play, the spotlight falls on the Carringtons themselves. The family must swallow their own suspicions of each other and close rank to defend the clan. Cristal struggles with what it means to be a Carrington, while Fallon begrudgingly helps cover up Cristal's affair to protect the family name. Despite their efforts, everything comes to an emotional head at Matthew's funeral.
In a throwback to the '80s, when "greed was good," the Carringtons don their best costumes for their Charity Gala; Fallon fights her father Blake for the right to use the family name in her new business venture; and when Cristal learns her sister is in danger, she's forced to choose between her old family and her new one.
The Carringtons' efforts to protect their secrets - from the world and from each other - lead them outside the protective cocoon of the Manor: Cristal and Blake to their belated honeymoon, Steven to Sammy Jo's rescue, and Fallon to confront old demons. They all face the same difficult choice: serve yourself, or save the family?
Fallon plays a game of cat and mouse with Cristal, as the two vie for the cover of a prestigious magazine. Steven's ex-boyfriend returns to town, upending Steven's life in many ways. Sammy Jo and Anders discover an unlikely connection.
Cristal's houseguest puts Blake in an awkward position; Sammy Jo gets in over his head while babysitting; Fallon realizes that she has alienated everyone in her personal life and zeros in on the one thing she wants more than anything.
Blake's hopes for a perfect Thanksgiving - Dynasty-style - are ruined when he clashes with both Fallon and Steven. Cristal's challenging houseguest reminds everyone to be grateful for the ties that bind.
Everything is shiny and bright at the city's Annual Tree Lighting, but behind the scenes, the Carringtons struggle with ghosts from their past; Fallon tries to move on from her former flame; Steven and Jeff band together to right an old wring; and Cristal's past resurfaces, threatening her future with Blake.
The Carringtons' plan for a peaceful holiday are spoiled by two new arrivals and the scandals they bring with them. Blake faces a power struggle with his own father; meanwhile Fallon attempts to reunite the Colbys.
Cristal's efforts to mend her fractured marriage are complicated when a dangerous newcomer threatens to destroy everything she and Blake hold dear; Meanwhile, Fallon celebrates her golden birthday and gains control of her trust, forcing her to think about more than just what size champagne bottles to serve at her party.
When Fallon is taken hostage, the rest of the family must come together to enact a rescue mission - but coming together isn't exactly what Carringtons do best. Out of desperation, Culhane turns to Jeff Colby for help, while Cristal is forced to choose between her old family and her new one.
When the Carringtons host a lavish Casino Night party, Cristal and Blake's marriage is put to the test when an explosive secret from Blake's past surfaces. Meanwhile, Fallon must reconsider her behavior as she attempts to fix a professional blunder by accepting an indecent proposal.
After Fallon's declaration of professional and romantic independence, Jeff tries to reel her back in; Cristal struggles with Blake's unorthodox moral compass and finds herself in a gray area of her own.
Suspicious that the Colbys may be up to no good, Fallon plays a dangerous game of charades; meanwhile, Steven finds himself unexpectedly channeling his darker side when he tries to help Sammy Jo, and Cristal must cover-up an impulsive mistake that threatens to implode her marriage.
After Fallon discovers that Jeff Colby's motives to marry her are not for love but for revenge, she is forced to continue with her faux engagement until she can save her family from becoming a casualty of the Colby-Carrington war. Sam pulls out all the stops to earn his citizenship and Steven's love, while Cristal must choose between her role as a wife or her role as a stepmother.
In the wake of a sudden Carrington death, Blake's temper pushes Cristal to make a bold decision regarding their marriage. Fallon's feud with Jeff goes public, forcing her to rely on her faux-husband, Liam, for support. Steven processes his grandfather's sordid past and decides how he wants to spend his future.
The arrival of Alexis has thrown the entire Carrington family into disarray. After Alexis receives a fortune from Grandpa's will, Fallon sets out to prove her mother weaseled her way into it. Meanwhile, Cristal tries to keep Alexis away from her already shaky marriage to Blake.
When Fallon and Alexis fight for Steven's love, his relationship with Sam gets caught in the crossfire.
The manipulative power games between Fallon and Alexis continue when Alexis - who's grown highly suspect of Fallon's new husband, Liam - meddles in Fallon's love life. Meanwhile, Blake and Cristal spar over whether CA will take responsibility for the health crisis that is hurting Culhane's family.
While Alexis and Blake continue to battle, Alexis enlists in a surprising ally, Jeff Colby. With her loyalties torn, Fallon must decide if she helps save the company or come to the aid of Culhane's family.
When Blake thwarts Fallon's attempts to take the company in a new direction, Fallon realizes that the biggest threat is actually Blake himself.
Alexis loses control of her plan with the Colbys. Fallon challenges Blake for control of the family's company only to learn she's not the only one with a claim to the throne. Sammy Jo and Steven prepare to tie the knot, but an unexpected guest causes all hell to break loose.